The global IT operations analytics market is anticipated to witness a staggering growth during the forecast period. The market is driven by a large number of players are implementing mergers & acquisitions, collaborations, service launch, and other expansion strategies. For instance, Charles River Analytics (CRA), a company the develops solutions for commercial clients and government programs across a range of markets such as defense, medical technology, intelligence, training, space, cybersecurity, and transportation announced in August 2020 that the company has received a Mega Grant from an organization named Epic Games. The grant is intended to support Epic Games’ Unreal Engine’s development of ‘Virtual Interface for Real-Time User Control during Simulated Operations’ (VIRTUOSO) software development kit (VSDK).
Intelligence-driven solutions are likely to automate helpdesk operations during the forthcoming years. For instance, Blue Prism and Infosys in 2017, entered in a collaboration to help enterprises drive intelligent automation abilities across different industries. The partnership resulted in the development of Infosys Cognitive Email Workbench, which is an AI-based assisted automation solution. The software allows clients to build near-touchless contact centers and eradicate manual resolution.
Sumo Logic a cloud software management company has completed its S-1 filing to raise up to USD 100 million as a NASDAQ public offering. Additionally, amid the ‘quiet period of all quiet periods’ vis-à-vis the ongoing Coronavirus (Covid-19) pandemic the Initial Public Offerings (IPOs) has been massively abridged in London, the US, and some other parts the world. This strategic move by Sumo Logic is estimated to be part of the NASDAQ reawakening, which overtook the NYSE in June 2020.
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With the COVID-19 pandemic outbreak in December 2019, the economic infrastructure of services, production, and supply & demand for goods sectors have been drastically impacted in the world market. The financial disruption created in the supply chain commotion has impacted governments equally. However, during this economic uncertainty, the IT operations analytics market is growing at a steady rate, owing to the increasing interest in adoption of cutting-edge technology in healthcare, greater IT expenditures, improved internet connectivity, component & cloud computing services affordability, and a surge in the use of connected devices.
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Further findings from the report suggest:
- The cloud deployment segment accounted for a major market share of 70% in 2019. This can be attributed to the increasing focus on reducing IT infrastructure costs, improving resource accessibility, and effective monitoring of data.
- The BFSI segment dominated the global market in 2019, with an overall revenue share of approximately 25%. This can be factored to the adoption of analytics solutions by financial companies and banking sectors for in-house operations.
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- Apptio, Inc.
- BMC Software Inc.
- ExtraHop Networks
- Glassbeam Inc.
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Splunk Inc.
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